Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Integrated ResearchIREHF 46 Net-Net Working Capital is $0.19 as of Dec. 2025. GuruFocus rates IREHF with a GF Score™ of 46/100 and a GF Value™ of $0.20 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,258 Software companies, Integrated Research ranks better than 96.34% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Integrated Research's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $0.19.
The industry rank for Integrated Research's Net-Net Working Capital or its related term are showing as below:
IREHF's Price-to-Net-Net-Working-Capital is ranked better than 96.34% of 1258
companies
in the Software industry
Industry Median: 6.995
vs IREHF: 1.00
Integrated Research (OTCPK:IREHF) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Integrated Research Net-Net Working Capital Related Terms
Integrated Research Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Integrated Research's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
IREHF vs QH, SHOP, UBER: Net-Net Working Capital Comparison
For the Software - Application subindustry, Integrated Research's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Integrated Research Price-to-Net-Net-Working-Capital vs Software Industry
For the Software industry and Technology sector, Integrated Research's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Integrated Research's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $0.19 mean?
Integrated Research (IREHF) has a Net-Net Working Capital of $0.19 as of Dec. 2025. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Integrated Research According to the industry distribution chart, Integrated Research ranks #46 out of 1258 companies in the Software industry, placing it in the top 3.7%.
Is Integrated Research's Net-Net Working Capital too high?
Integrated Research's current Net-Net Working Capital is $0.19. The Software industry median Net-Net Working Capital is 7.00. Integrated Research's value of $0.19 is 97.3% below this industry median. Based on the distribution chart, Integrated Research ranks #46 out of 1258 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Integrated Research has a GF Score™ of 46/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Integrated Research's Net-Net Working Capital compare to QH and SHOP?
According to the Software industry distribution chart, Integrated Research ranks #46 out of 1258 companies for Net-Net Working Capital. This places Integrated Research in the top 4% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 7.00. Integrated Research's value of $0.19 is 97.3% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Software company?
The median Net-Net Working Capital among Software companies is 7.00, based on 1,258 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Integrated Research's current Net-Net Working Capital of $0.19 is 97.3% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Integrated Research For the Software industry, the median Net-Net Working Capital is 7.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Integrated Research's current Net-Net Working Capital is $0.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Integrated Research stock overvalued right now?
Based on GuruFocus' analysis, Integrated Research (IREHF) is currently considered Fairly Valued. The stock's GF Value™ is $0.20, compared to a current price of $0.20 — trading right at its estimated fair value. The current Net-Net Working Capital is $0.19 and 97.3% below the Software industry median of 7.00. Integrated Research's overall GF Score™ is 46/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Integrated Research (IREHF), the current Net-Net Working Capital is $0.19 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Integrated Research (IREHF) Overvalued in 2026?
Based on GuruFocus' analysis, Integrated Research stock appears to be undervalued.
The current stock price of $0.20 is trading 0% below its estimated GF Value™ of $0.20.
GuruFocus considers Integrated Research to be Fairly Valued.
Key valuation signals for IREHF:
Net-Net Working Capital: $0.19
GF Value™: $0.20 vs. price of $0.20 (0% below fair value)
Industry Position: 97.3% below the Software median (#46 of 1258)
No single metric tells the full story. See the IREHF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Integrated Research Ltd is engaged in the design, development, implementation, and sale of systems and applications management computer software for business-critical computing, Unified Communication networks, and Payment networks. Its Prognosis platform is an integrated suite of monitoring and management software, designed to give its clients, an operational insight into and optimize the operation of their HP NonStop, distributed system servers, Unified Communications (UC), Payment environments, and the business applications that run on these platforms. The company's geographic segments include Asia Pacific, Americas, and Europe. It generates revenue from licence fees, maintenance fees, subscription fees, testing solution services, and professional services.
46GF Score
Get the complete analysis for IREHF
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
IREHF has been successfully added to your 
